Wheat Trading Mixed on Tuesday

The wheat complex is showing mixed trade on Tuesday, with the winter wheat contracts fading lower. Chicago SRW futures are trading with 8 to 9 cent losses at midday. KC HRW futures are down 3 to 4 ¼ cents. MPLS spring wheat is higher, with 3 to 5 cent gains. 

USDA’s FGIS tallied wheat export shipments at 368,455 MT (13.54 mbu) during the week ending on May 21. That was 55.89% above the week prior but down 34.55% below the same week last year. Japan was the top destination of 73,894 MT, with 68,058 MT headed to Mexico and 59,059 MT to the Dominican Republic. Marketing year exports for 2025/26 are 23.48 MMT (862.7 mbu) since June 1, 2025, which is now 10.17% above the same period last year.

Crop Progress data will up updated after the close, with analysts looking for spring wheat to be 87% planted. Winter wheat conditions are seen at 28% gd/ex, up 1 point from last week of realized.

Managed money was busy cutting back to their net long position in CBT wheat futures and options by 14,224 contracts as of 5/19, taking it to 4,799 contracts. In KC wheat futures and options, spec funds cut back 7,715 contracts from their net long to 30,075 contracts.

A South Korean flour mill tendered for 100,000 MT of wheat from the US and Canada, with the tender due on Wednesday. 

Jul 26 CBOT Wheat  is at $6.38, down 8 1/4 cents,

Sep 26 CBOT Wheat  is at $6.50 3/4, down 8 1/2 cents,

Jul 26 KCBT Wheat  is at $6.77 3/4, down 4 1/4 cents,

Sep 26 KCBT Wheat  is at $6.89 1/2, down 3 3/4 cents,

Jul 26 MIAX Wheat  is at $6.92 1/2, up 3 cents,

Sep 26 MIAX Wheat  is at $7.15, up 4 3/4 cents,